Join Bitcoin Pizza Day event hosted by Bitcoin Budapest, MrCoin, Variance HUB, and Blockchain Budapest. View in browser

“In a few decades when the block reward gets too small, the transaction fee will become the main compensation for [miners].” ~  Satoshi Nakamoto, (2010)

Market State

Bitcoin has been growing for three consecutive weeks. Last week Bitcoin touched $8350 which is this year’s all time high. Towards the end of the week Bitcoin suffered a brief crash. On Friday Bitcoin dropped from $7800 to $6180 on Bitstamp. A single investor sold over 3000 Bitcoins on Bitstamp which triggered a wave of sell offs on BitMex exchange.  

The market quickly recovered after the crash. Currently Bitcoin is trading at around $7900. The total market capitalization maintained its $240 billion level. As Bitcoin climbed over $8000 last week google searches for Bitcoin spiked to 13 month high. Bitcoin was more popular than other big searches such as Tesla, SpaceX and Donald Trump.

Last week the cryptocurrency industry had one of the biggest annual conferences, Consensus. Large enterprises continue entering the crypto space. The industry has been building up steadily, adoption is growing, companies are building the infrastructure. More positive news are coming out from major enterprises who are adopting the blockchain technology.

Check the latest Bitcoin Price
Quiz of the week

What is the opposite of “hodling” term in cryptocurrency?

  1. Buying cryptocurrency
  2. Panic selling cryptocurrency
  3. Trading cryptocurrency

Scroll down to see the answer at the end of the newsletter.

Top stories of the week
The Man Who Made The Bitcoin Pizza Day

60 Minutes with Anderson Cooper a news show on CBS Network has done a segment about Bitcoin last Sunday during which they interviewed the man who bought two pizzas from Papa Johns Pizza for Bitcoins that worth millions today. Laszlo Hanyecz spent 10000 Bitcoins for two pizza, it was the first real world Bitcoin for good or services transactions to place  on 22th of May, 2010. Today 10000 Bitcoins are worth about $80 million. The Bitcoin Pizza guy said he didn’t ever regretted making this transaction and is happy to be part of the Bitcoin history. This Wednesday will mark the 9th annual Bitcoin Pizza Day. If you would like to celebrate this day and have some pizza join Bitcoin Pizza Day event hosted by Bitcoin Budapest, MrCoin, Variance HUB, and Blockchain Budapest.

Bitcoin Would Become As Relevant As Cash

Andrew G Haldane, the chief economist of the Bank of England, stated during a college talk that Bitcoin would become as relevant as cash in the next 20-30 years. Not long ago Haldane had considered Bitcoin had no relevance. It seems he changed his perspective. He is not the only economist who turned from a Bitcoin agnostic to a Bitcoin believer. Many have changed their opinion as the price of Bitcoin rebound several times since 2018’s crash. A renowned economic historian, Niall Ferguson reported to the Australian Financial Review on March 6, 2019, that “I was very wrong. Wrong to think there was no use for a form of currency based on blockchain technology.” Nevertheless, there are also many sceptical economists such as Nouriel Roubini, who calls Bitcoin “a mother and a father of all scams.”

Cryptocurrency Comes To American Retail Stores

Digital payment startup Flexa partnered with Gemini cryptocurrency exchange and launched a new custodial wallet app called Spedn, which will allow users to spend cryptocurrency in several American retailers, such as Whole Foods, Starbucks, GameStop and a host of other retailers. In practise, retailers configure their scanners to recognize payments from Spedn cryptocurrency app. Users hold their app to pay, just like their contactless MasterCard or Visa. Users will be able to pay with Bitcoin, Bitcoin Cash, Ether and Gemini’s own stablecoin called Gemini Dollar, which is pegged to one US dollar.  Retailers receive US dollar after Gemini converts it real-time. Currently the app is only available on iphone. Android version of it is coming soon.

Bitfinex’s LEO Token Will Start Trading This Week

Last month the New York Attorney General’s office revealed that Bitfinex’s $850 million worth of fund has been lost through their payment processor called Crypto Capital. Bitfinex hid the loss of $850 million by taking funds from Tether’s reserve. Shortly after the news Bitfinex announced  their private token sale aiming to raise $1 billion to cover their frozen funds. Bitfinex was able to raise $1 billion in the form of Tether in just 10 days. The company didn’t reveal who invested in their native exchange token, whose full name is UNUS SED LEO. LEO token will officially start trading on Bitfinex from 20th of May. According to the whitepaper of LEO token, Bitfinex will use 95% of the funds recovered from Crypto Capital to repurchase and burn LEO tokens. LEO token holders will benefit from reduced fees on the exchange.

376 Wallets Hold One-Third of All ETH

A new study from blockchain analytics firm Chainalysis revealed that 376 individuals hold 33% of the circulating supply of Ether in 2019.  The number is actually 47% down compared to 2016. Chainalysis define whales as the top 500 holders of a cryptocurrency who store their funds off exchanges. Services such as crypto exchanges are excluded from the study. According to Chainalysis, Ether whales don’t have impact on the price of Ether as they don’t move their coins often. They’re mostly holding Ether and majority of them aren’t traders. However, when they sell large amounts of Ether, it increases intraday volatility of the market. Chainalysis also discovered that over 20% of all Bitcoin is controlled by 448 whales.

Microsoft Identity Verification on Bitcoin Blockchain

Microsoft announced that it is building a Decentralized Identity (DID) tool on the Bitcoin blockchain. Today our email addresses and user names are given to us by companies who can take them away whenever they want. Microsoft wants to enable people to own and control their digital identity. By empowering users with a new identity system, Microsoft plans to make money in new ways with services on top of DID. Microsoft’s DID open source project is called ION (Identity Overlay Network). ION is a software based on a protocol called Sidetree, that is designed to run as a second layer on any blockchain, meaning the data is stored and accessed off chain. The ION network is now available on Bitcoin’s testnet.

Tweet of the week
Meme of the week
Crypto word of the week

Stop loss is a type of order on crypto exchange where you tell the automated trader that if the price drops below a certain level then it shall sell your coins. This way you don’t lose any more money because you think the price will keep dropping. Last week stop loss orders have executed themselves automatically when the Bitcoin price dropped after a big sell off on Bitstamp.

Quiz answer

What is the opposite of “hodling” term in cryptocurrency?

The correct answer is “B”.

Thank you for reading :) 

Have a great day!


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